OMV Petrom and the Renovatio Group have secured a €47 million investment loan from Banca Comercială Română to fund construction of the Gura Văii wind farm. The project is located in Romania’s Bacău county and is described as being around 50 MW. The financing is linked to the company developing the CEE Onești project.
The loan covers at least 60% of total investment costs for the CEE Onești development. On that basis, the implied project value is no more than approximately €78 million, assuming debt equals exactly 60%. The indicative capital cost is stated at around €1.56 million per MW.
Loan structure and implied project economics
The disclosed figures suggest a conventional project-finance structure with a meaningful equity contribution from sponsors. The balance between debt and equity is presented as providing a buffer for the lender against construction delays, lower production or weaker electricity prices. No specific leverage ratio beyond the disclosed debt share was provided.
Gura Văii is expected to generate around 110 GWh annually, implying a capacity factor of approximately 25%. The project has secured the principal permits required for construction. It is also part of a wider group of renewable investments with a total capacity of 300 MW, which received final approval from OMV Petrom.
At an annual output of 110 GWh, each €10/MWh change in realised power prices would move gross annual revenue by about €1.1 million. This sensitivity places emphasis on route-to-market arrangements, hedging and balancing exposure for debt service. The financing decision references permitting, construction planning and revenue assumptions as key elements.
Permitting, technical due diligence and grid connection risks
BCR’s assessment is described as covering the project’s permitting position, construction plan and revenue assumptions. Wind financing is said to require detailed evaluation of turbine technology and resource studies. It also includes review of grid availability, wake losses, availability guarantees and long-term operating expenditure.
Grid delay is identified as one of the most material risks for the financing. A postponement of up to 12 months after major construction expenditure could add interest during construction, defer revenue and weaken equity returns. The impact is described as particularly severe when turbine deliveries and debt drawdowns occur before the connection is ready.
Sponsor pipeline and development status in Romania
OMV Petrom entered the underlying portfolio in 2024, acquiring a 50% interest in a company developing around 1 GW of renewable capacity. Gura Văii is described as among the first projects from that pipeline to reach financing and implementation. The development sits within OMV Petrom’s plan to build more than 2.5 GW of renewable capacity with partners by 2030.
The company reports around 70 MW in operation and approximately 1.5 GW under development across wind, solar and hydropower. For OMV Petrom, renewable investment is positioned alongside a business still anchored in oil, gas and refining. For Renovatio, the partnership provides access to a larger balance sheet and financing capacity.
BCR’s participation is described as reflecting growing bank appetite for Romanian wind assets with advanced permitting and credible sponsors. The relatively modest scale of Gura Văii is cited as making it easier to finance and connect compared with multi-hundred-megawatt projects in Romania’s grid queue. Bankability depends on disciplined construction, timely grid energisation and production performance aligned with the forecast of 110 GWh.
